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Portfolio Recovery, Florida Complaints & Reviews - Fraud

Portfolio Recovery Contacts & Informations

Portfolio Recovery

Posted:    Dick Masterson

Fraud

Complaint Rating:  50 % with 4 votes
Contact information:
Portfolio Recovery
Florida
United States
Statesboro Ga News

--------------------------------------------------------------------------------
Hey consumers,

Did You Receive a IRS 1099-C from Junk Debt Collector Portfolio Recovery Associates?
SBM Staff


Originally I had read about Portfolio Recovery Associates Inc. sending out questionable IRS 1099-C Misc Income statements in October 2009. From what I have gathered are: (1) these are time barred debts (past state statute of limitations), (2) that the amounts being reported are the face value of an alleged debt, when Portfolio Recovery Associated may have only paid pennies on the dollars for the debts that they are sending 1099’s for, and (3) consumer has never done business with Portfolio Recovery Associates (no business to consumer transaction), (4) no products or services we provided to the consumer by Portfolio Recovery Associates, (5) that Portfolio Recovery Associates may or may not have proper documentation of the debt.

From a FMD Consumer reader (March 1, 2010)

Portfolio Recovery - "After years of harassing phone calls, I sent them a cease & desist letter. Their response was 8 1099'c in the amount of $80k.

They are trying to write off dollars amounts on debts that are not theirs. They are scamming the people and the IRS. My 85yr. old husband is frantic. Could you possibly help or direct?

They apparently laugh at lawsuits as they are not new to them. But, we are, and it is making us crazy. Are you aware of class action lawsuits in this matter? PLEASE, PLEASE, HELP!!" ~ Fran S.


If you have received such IRS 1099-C forms/statements from Portfolio Recovery Associates there are several things you can do.

It is imperative that all consumers that have received such 1099 forms to notify authorities so that enough complaints are lodged with the IRS, FTC and US Postal Service that they take action. By not doing so you are allowing Portfolio Recovery Associates to continue this questionable and possibly illegal activity.

As a reminder I am not an attorney nor may the information contained here be construed as legal advice. The information contained here are merely suggestions on how to deal with this issue.

First of all don’t panic.

Secondly, dispute the debt with Portfolio Recovery Associates, Inc. If you have already done so in the past do it again and send it certified US Postal mail so that you have proof that you have.

Secondly you should contact the Internal Revenue Service (IRS) by sending them an “Affidavit of Fact” regarding the 1099-C form you received (attach a copy to the affidavit). An affidavit can be a simple written or typed statement containing one or more of the following:

1) I have never had an account with Portfolio Recovery Associates, Inc.

2) Portfolio Recovery Associates, Inc. and I have never entered into any type of written agreement.

3) Portfolio Recovery Associates, Inc. has never presented me with any goods or services.

4) The account referenced by Portfolio Recovery Associates, Inc. is long past my State statutes. (If this applies).

5) I have never done business with Portfolio Recovery Associates, Inc.

Be sure to sign and date the affidavit and have the affidavit notarized, send it to the IRS via certified mail so that you have a record of delivery. Attach a copy of the 1099 form to the affidavit.

Now it’s time to bring Portfolio Recovery Associates Inc’s activities to the attention to the authorities, namely the Internal Revenue Service, Federal Trade Commission and the US Postal Service (mail fraud complaint).

Since you have never done any business (consumer to business transaction), and following the assumption that Portfolio Recovery Associated didn’t pay the full face value of the alleged debt the first order of business is to file a complaint with the Internal Revenue Service.

Report Suspected Tax Fraud Activity
http://www.irs.gov/individuals/article/0, , id=106778, 00.html

Next is has been suggested to file a “mail fraud complaint” with the U.S. Postal Service.

https://postalinspectors.uspis.gov/forms/MailFraudComplaint.aspx

Portfolio Recovery Associates, Inc. (collection agency)
120 Corporate Blvd., #100
Norfolk, VA 23502
www.portfoliorecovery.com
IRS No.:753078675 (DE Corp)
NASDAQ: PRAA

Third, file a complaint with the Federal Trade Commission (FTC) at:

https://www.ftccomplaintassistant.gov/

Lastly, it might be prudent to retain an attorney that is familiar with fraudulent business activities and find out if you have an actionable case against Portfolio Recovery Associates Inc. I do believe that if such cases were filed that the consumer would wind up winning. If it ever happens to me you can bet I’ll be litigating and publicizing it.

Remember there are more consumers than debt collectors, consumer need to band together to fight and publicize questionable and illegal debt collection practices. The Federal Trade Commission so too slow to take remedies against bad debt collection tactics, so we must step forward and begin the “fight” ourselves.

If we sit back and do nothing, then nothing will happen. On the other hand, if we all band together then we can b eat these turkeys at there own game.
Comments United States Collections Agencies
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